The deal was negotiated through investment firm Rcapital, which acquired the Edinburgh-based manufacturer last December.

Capital Cooling designs and develops its own brand refrigeration units for retail, food service, leisure, hospitality and manufacturing outlets. The company also specialises in the design and installation of coldrooms in restaurants, hotels and butchers’ shops.

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The facility from Aldermore is aimed at helping finance Capital Cooling’s everyday working capital requirements and ensuring the business can achieve its ambitious growth plans.

Phil Emmerson, COO of Rcapital, said: “After we invested in the Capital Cooling business, we looked for a funding partner to ensure the necessary support was in place to meet its growth projections.

“We are delighted that Aldermore Bank was able to meet those needs and move quickly to complete the transaction following agreement of heads of terms. We were pleased that Aldermore took the time to understand the business, and went above and beyond to tailor their offering to our requirements.”

Aldermore business development manager, Rick Tasker, added: “We have been impressed by the vision of the new management team and the way it plans to drive the business forward. We look forward to working with the company and Rcapital in the future as it reshapes its legacy, and its position in the refrigeration market.”